State economists estimate small hit to Florida’s general revenue fund

The general revenue fund pays for schools, government and other projects.

SCOTT KEELER | Times New Florida Governor Ron DeSantis addresses members of the Florida Legislature during a luncheon on the fourth floor rotunda of the Capitol, Tuesday, January 8, 2019 in Tallahassee after DeSantis was sworn in.

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Florida lawmakers will have $7.4 million less to work with than they thought this legislative session, state economists estimated on Thursday.

But that’s a minuscule loss to the state’s general revenue fund, the pot of money that pays for schools, agencies and lawmaker projects.

Overall, the fund for the 2019-20 fiscal year is estimated at $33.5 billion, about $600 million more than the revised estimate for 2018-19.

Legislators base their budget each year on state economist estimates, and lawmakers are required to balance the budget each year. That’s their sole legal responsibility during the annual two-month legislative session, which started March 5 this year.

For next fiscal year, general revenue is expected to be $208 million less than they thought in December. But the current year is expected to be stronger than expected by $201 million, thanks to strong corporate income tax returns.